Colorado Man Gets 40 Years In 9-State Ponzi Scheme

CASTLE ROCK, Colo. (AP) – A Colorado man has been sentenced to 40 years in prison and ordered to pay $9.5 million in restitution after he pleaded guilty to running a Ponzi scheme that reached into nine states.

William L. Walters, 46, was sentenced Friday in Colorado District Court in Douglas County, south of Denver. He pleaded guilty on April 15 to securities fraud and theft.

He was accused of collecting more than $23 million from investors with promises of returns between 10 and 40 percent from day trading.

Colorado Attorney General John Suthers says the money came from investors in California, Colorado, Florida, Hawaii, Illinois, Massachusetts, Pennsylvania, Texas and Wyoming.

Walters was indicted in 2007 and was extradited from Argentina last year. Prosecutors say he moved to Argentina in 2006.